CIM Group Closes on Acquisition of Retail Property at 225 Fifth Avenue

January 02, 2013 03:42 PM Eastern Time

NEW YORK--(BUSINESS WIRE)--CIM Group announced today that it has closed on its acquisition of the
retail portion of 225 Fifth Avenue, located in Manhattan’s Flatiron
District. The retail property consists of two parcels totaling 40,079
square feet and is currently 100 percent leased to a diverse array of
long-term tenants including JP Morgan Chase, 24 Hour Fitness, Verizon
Wireless, and United States Postal Service.

Overlooking the north end of Madison Square Park in the center of the
vibrant Flatiron District, 225 Fifth Avenue is easily accessed by many
major subway lines and traffic arteries. The building features 15-foot
ceilings on the ground floor and approximately 200 feet of pedestrian
frontage along Fifth Avenue including two coveted corner retail spaces.

Above the retail property sits the 12-story, 192-unit luxury residential
condominium building, The Grand Madison, which is recognized as a New
York City Landmark by the Landmarks Preservation Commission.

About CIM Group

CIM Group is a premier real estate fund manager that makes private
equity and/or debt investments in urban communities throughout North
America, utilizing its full array of investment and operational
expertise to maximize returns while mitigating risks. With offices in
Los Angeles, Bay Area, Bethesda and New York, CIM has three distinct
portfolios each diversified by geography and type of property. They
include: Opportunistic or repositioning and development projects in
established and emerging urban areas; Stabilized/Core or well-positioned
operating properties in transitional districts; and Infrastructure or
properties serving the public interest. Once involved in a qualified
community, CIM seeks to routinely make additional investments in order
to support the growth of the community and enhance the value of its
previous investments. For more information, please visit www.cimgroup.com.

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